Lates News

Micron Technology raised its revenue and profit outlook for the fourth quarter due to a key product "pricing improvement." The company said in a statement on Monday that sales for the three months ending on August 28 will be around $11.2 billion, plus or minus $1 billion. The company previously forecasted sales for the fourth quarter to be $10.7 billion, plus or minus $300 million. Earnings per share excluding certain items will be $2.85, plus or minus $0.07, compared to the previous forecast of $2.50, plus or minus $0.15. The adjusted gross margin for the fourth quarter will be 44.5%, plus or minus 0.5 percentage points, compared to the previous forecast of 42%, plus or minus 1%. Micron, one of the best performing chip stocks this year, disappointed investors in June when its performance outlook didn't meet market expectations. "The revised guidance reflects pricing improvement, especially in DRAM, and strong execution," Micron said in its statement, referring to the Dynamic Random Access Memory (DRAM) category.